Technology

China’s 100K TPS blockchain, Japan’s Minna Bank eyes Solana: Asia Express

Posted on by Minakshi

China’s Blockchain Achieves 100,000 Transactions Per Second

Boosting Digital Infrastructure: Chang’an Chain’s Breakthrough

China’s state media is actively promoting Chang’an Chain, a domestically developed blockchain infrastructure aimed at addressing the crucial issue of digital sovereignty within the nation. This development signifies a significant step towards enhancing China’s technological independence.

Key Features and Performance

According to a profile on Qianlong.com, researcher Dong Jin and his team have successfully created a fully open-source, state-backed blockchain platform. This platform is now powering various national digital initiatives. The Chang’an Chain has undergone 21 iterations over six years and boasts a processing capability exceeding 100,000 transactions per second (TPS). This benchmark positions it among next-generation blockchains striving to match the scale of traditional financial networks.

Real-World Applications

The Chang’an Chain is reportedly being utilized in several key sectors, including:

  • China’s nationwide real estate registration system.
  • Digitizing supply contracts for various companies.
  • Enabling banks to verify supplier relationships and expedite loan approvals.

Japanese Bank Eyes Solana for Stablecoin Issuance

Minna Bank, a Japanese financial institution, is reportedly exploring the potential of issuing stablecoins on the Solana blockchain. This move signals growing interest in blockchain technology and decentralized finance (DeFi) within the Japanese banking sector.

Summary:

  • China’s Chang’an Chain achieves 100,000 TPS, boosting national digital infrastructure.
  • Chang’an Chain is being implemented in real estate registration and supply chain digitization.
  • Japanese Minna Bank considers Solana for stablecoin issuance, showing growing DeFi interest in Japan.
Key Takeaways:

  • China is making significant strides in blockchain technology with a focus on domestic development.
  • The high transaction throughput of Chang’an Chain could revolutionize various industries within China.
  • Blockchain adoption is increasing in Asia, with both state-backed projects and private sector initiatives.
  • Stablecoins are gaining traction as a potential use case for blockchain technology in the financial sector.
  • The involvement of established banks like Minna Bank could accelerate the mainstream adoption of crypto assets.